cbn
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Nigeria CBN Sets New Standards: Nigerian Banks Tasked to Increase Capital Base for Stability
In a move aimed at strengthening the resilience of Nigeria's banking sector, the Central Bank of Nigeria (CBN) has announced significant increases in the capital base requirements for various categories of banks across the country. According to a statement released by the CBN's Acting Director...- Nigeria News
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- 1 min read
- banking sector cbn central bank of nigeria
- Category: Business
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Nigeria CBN Exposes Financial Strain: 31 States Default on N339.9bn Loans
The Central Bank of Nigeria (CBN) has revealed that as of September 2023, thirty-one state governments collectively owe a staggering sum of N339.9 billion. This debt stems from funds acquired to cover workers' salaries between 2015 and 2023, facilitated through the Salary Bailout Facility...- Nigeria News
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- 2 min read
- cbn salary bailout funds state governments yemi cardoso
- Category: Business
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Nigeria Tensions Rise as Foreign Airlines Challenge CBN's Assertion on Cleared Forex Obligations
Amidst assertions by the Central Bank of Nigeria (CBN) of successfully settling all outstanding foreign exchange (FX) obligations, foreign airlines have challenged the claim, asserting that the situation remains unchanged. Kingsley Nwokeoma, President of the Association of Foreign Airlines and...- Nigeria News
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- 1 min read
- aviation sector cbn central bank of nigeria currency market foreign airlines forex backlog yemi cardoso
- Category: Business
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Nigeria Tension Mounts at CBN: Directors Linked to Emefiele's Era Set for Early Retirement
Amidst speculation and internal turmoil at the Central Bank of Nigeria (CBN), reports indicate that at least eight directors are facing early retirement. These directors, previously redeployed to FSS 2020, are now being asked to exit the CBN, sparking concerns and confusion among staff. While...- Nigeria News
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- 1 min read
- cbn cbn governor central bank of nigeria directors godwin emefiele yemi cardoso
- Category: Business
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Nigeria Buhari's Signature: Forensic Analyst Testifies, Claims Documents Used to Pay Election Observers $6.2M Were Forged
The trial of former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, continued at the Federal Capital Territory High Court in Abuja on March 7, revealing a gripping revelation as forensic analyst Bamaiyi Meriga, called by the Economic and Financial Crimes Commission (EFCC)...- Nigeria News
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- 2 min read
- $6.2 million payment cbn emefiele trial forensic analysis godwin emefiele
- Category: Politics
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Nigeria NIN-BVN Linkage Nightmare: March 1 Deadline Sparks Panic Among 85.51 Million Bank Customers
With the deadline for linking National Identity Numbers (NIN) and Bank Verification Numbers (BVN) fast approaching on March 1, 2024, concerns mount for millions of Nigerians. Approximately 85.51 million bank customers could face restricted access to their accounts due to challenges in...- Nigeria News
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- 1 min read
- access bank bvn and nin linkage cbn financial crisis march 1 deadline nigeria banking nin-bvn linkage
- Category: Business
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Nigeria Nigeria Expands Cryptocurrency Investigation: Executives from Multiple Platforms Summoned Following Binance Interrogation
The Office of the National Security Adviser is set to extend its investigation into cryptocurrency operations by summoning executives from various platforms in Nigeria. This development follows the recent detention of two senior Binance executives, revealed by the Financial Times. Sources...- Nigeria News
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- 1 min read
- binance binance executives arrested cbn cryptocurrency ban in nigeria
- Category: Politics
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Nigeria Binance Ban: Government Spokesman Onanuga Warns Nigerians Platform Could Destroy THE ECONOMY
Amidst growing concerns over the impact of cryptocurrency trading on Nigeria's economy, Presidential spokesman Bayo Onanuga has issued a stern warning against the popular exchange platform Binance, alleging its potential to dismantle the country's financial stability. Speaking on a televised...- Nigeria News
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- bayo onanuga binance cbn crypto ban in nigeria cryptocurrency regulation exchange rates nigerian economy
- Category: Politics
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Nigeria Naira Crisis: Nigerian Government Continues 'Stick and Carrot' Approach as CBN Releases $20,000 to Each BDC to Stabilize Currency
The Central Bank of Nigeria (CBN) is taking proactive measures to rectify distortions in the country's foreign exchange market, particularly in the retail segment. In a recent circular by Dr. Hassan Mahmud, the Director of the Trade & Exchange Department, the CBN announced its decision to...- Nigeria News
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- 2 min read
- bureau de change (bdc) cbn central bank of nigeria naira stabilization nigeria foreign exchange yemi cardoso
- Category: Business
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Nigeria Nigerians Demand Action as CBN Governor Rejects Responsibility for Economic Woes
In the midst of Nigeria's economic challenges, Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), addressed concerns during the first Monetary Policy Committee (MPC) meeting since assuming office in September 2023. Denying responsibility for the current economic situation, Cardoso...- Nigeria News
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- 1 min read
- cbn cbn governor godwin emefiele mpc meeting yemi cardoso
- Category: Business
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Nigeria Travel, Medicals, and School Fees: CBN Sets New Limits on Forex Transactions
The Central Bank of Nigeria (CBN) has instituted new regulations governing the foreign exchange (FX) sales by Bureau De Change (BDC) operators, as outlined in the 'Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria,' released on February 23, 2024. These...- Nigeria News
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- 1 min read
- bureau de change limits cbn forex regulations forex transactions medical bills in foreign currency school fees travel allowance guidelines yemi cardoso
- Category: Business
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Nigeria Nigeria's Poverty Trap: Only About 5% Of Nigerians Have Over N500,000 In Their Bank Accounts — Wale Edun
Finance Minister and Coordinating Minister of the Economy, Wale Edun, disclosed in a recent interview with Channels TV that approximately only 5% of Nigerians have more than N500,000 in their bank accounts. Edun emphasized that the ongoing federal government reforms aim to address economic...- Nigeria News
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- 1 min read
- cbn nigerias economy wale edun yemi cardoso
- Category: Business
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Nigeria Naira Crisis: CBN Set to limit Cash FX Transaction to $500
The Central Bank of Nigeria (CBN) is contemplating significant regulatory changes for Bureau De Change (BDC) operators, including a potential ban on street trading and restricting cash payments for foreign exchange (FX) sales to a maximum of $500. The proposed guidelines also require sellers...- Nigeria News
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- 1 min read
- bureau de change cbn forex market naira crisis yemi cardoso
- Category: Business
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Nigeria Naira Crisis: CBN target BDCs With N2 billion Licence Fee
Amidst a deepening forex crisis pushing the naira to a historic low of N2,000 against the dollar, the Central Bank of Nigeria (CBN) has implemented robust measures against Bureau De Change (BDC) operators. In response to the economic downturn, the National Security Adviser, Mallam Nuhu Ribadu...- Nigeria News
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- 1 min read
- bdc operators bureau de change cbn cbn governor central bank of nigeria efcc forex crisis forex market naira crisis yemi cardoso
- Category: Business
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Nigeria Naira Freefall: Nigerians Alarmed As Dollar Rate Hits 1,900
The Nigerian naira is facing a severe crisis, dropping to N1,900 against the US Dollar in some cities, despite the government's crackdown on forex speculators. The Federal Government raided Bureau De Change (BDC) hubs in Abuja, Lagos, and Kano, leading to arrests of operators. National Security...- Nigeria News
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- 1 min read
- bureau de change raid cbn federal government clampdown forex market crisis naira exchange rate nigeria currency
- Category: Business
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Nigeria Nigeria's Economic Woes: Senate President Godswill Akpabio Claims Former CBN Governor Responsible for Hardship
Nigeria's Senate President, Godswill Akpabio, pointed fingers at the former Central Bank Governor, Godwin Emefiele, attributing the country's current hardship to certain monetary policies and actions implemented during Emefiele's tenure. Speaking at a function in Abuja on Sunday, Akpabio...- Nigeria News
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- cbn godswill akpabio godwin emefiele
- Category: Politics
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Nigeria Naira Nosedive: Closes Week at N1,537, Defying Central Bank Measures
In a tumultuous week for Nigeria's economy, the national currency, the Naira, experienced unprecedented depreciation, closing at N1,537.96 at the official market on Friday. This marks a significant milestone, as the currency surpassed the N1,500 threshold, showcasing the severity of its recent...- Nigeria News
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- 2 min read
- cbn cbn interventions forex market naira to dollar exchange rate
- Category: Business
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Nigeria CBN Cracks Down on Forex Malpractices: Ends Cash Payments for Travel Allowances
The Central Bank of Nigeria (CBN) has introduced a pivotal policy shift, instructing authorized dealer banks to discontinue the payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) in cash. This directive, signed by Dr Hassan Mahmud, the Director of the Trade and...- Nigeria News
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- 1 min read
- cbn central bank of nigeria forex market travel allowance
- Category: Business
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Nigeria Rate for Cargo Clearance in Nigeria Now N1515 to $1 - CBN
The Central Bank of Nigeria (CBN) has announced an adjustment in the exchange rate for the clearance of goods, increasing it from N1444.56/$ to N1515.09 against the USD. This marks a noteworthy rise of N70.53 compared to the previous rate, reflecting the CBN's continued efforts to align official...- Nigeria News
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- 2 min read
- cbn central bank of nigeria economic reforms exchange rate goods clearance importers naira depreciation rate for good clearance
- Category: Business
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Nigeria NUPRC Joins FAAN and CBN, Plans to Relocate Departments from Abuja to Lagos for Streamlined Operations
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a significant shift in its operational base, planning to relocate certain units from Abuja to Lagos. This decision mirrors recent moves by the Central Bank of Nigeria (CBN) and the Federal Airports Authority of Nigeria...- Nigeria News
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- cbn faan faan and cbn relocation nuprc
- Category: Metro
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